Investors Keen on Dunlop Nigeria Shares
Stockbrokers and dealers said existing Dunlop Nigeria shareholders and new investors are considering using the company’s forthcoming share offering as a way of taking strategic stock positions.
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Nigerian Government Joins IRSG
International News, Product NewsThe International Rubber Study Group has announced that the Government of Nigeria is now a member of the Group. “Rubber production [in Nigeria] has been established on a significant scale since the 1940s. Rubber area increased in the early stage, but due mainly to the higher oil price, the area has been declining recently. Despite declining, Nigeria may still have the largest area under rubber in Africa at an estimated 145,000 hectares and hence a high potential for the future. NR consumption is relatively small and stable at about 16,000 tonnes a year, while SR consumption is about 5,000 tonnes per year,” the IRSG reported in a membership statement.
Michelin Plans Egyptian Production
Product NewsMichelin has announced that it is looking to invest in a factory in Egypt, following the failure of its attempts to purchase the country’s public’s Transport and Engineering Company, Trenco. The announcement followed nine months of discussions between the French group and the Egyptian Holding Company for the Chemical Industries, which ultimately came to nothing. Michelin remains focussed on developing its presence in Egypt and could still invest in a factory, a Paris-based Michelin spokesman said.
The Michelin Group already has factories in Algeria and in Nigeria, but not yet in Egypt. The company is reportedly aiming to supply the Egyptian market and to export products manufactured in the country. The French group could also seek be seeking to open a factory in one of the country’s principal industrial towns of Egypt, the industrial ministry added.
Nigerian Standards Organisation Destroys Sub-standard Tyres
Product NewsThe Standard Organisation of Nigeria (SON) has recently destroyed large amounts of sub-standard goods in a move designed to emphasis the need to improve the quality of goods traded in Nigeria. The latest batch of goods to be destroyed included second-hand tyres imported and sold by Sanusi Gbenga Tyres Enterprises. According to a spokesman for SON the tyres which were branded Dunlop, Michelin, Continental and Kleber were full of flaws, cracks, blisters, and foreign materials. These, according to him, are unreliable and potential death-traps.
